Phil Sherman Named Finalist for the 2025 PLANADVISER Retirement Plan Adviser of the Year – 403(b) Plan Service
Recognizing Leadership in 403(b) Plan Service
We are thrilled to announce that our Senior Retirement Plan Advisor Phil Sherman has been named a finalist for the 2025 PLANADVISER Retirement Plan Adviser of the Year in the 403(b) Plan Service category. This prestigious recognition highlights Phil and his unwavering commitment to providing hands-on, personalized retirement plan consulting to our 403(b) clients.
Finalists and winners in this category stand out for their innovation and dedication to serving 403(b) retirement plan sponsors, ensuring efficient and effective plan-level support tailored to the special needs of this market. The awards are based on a mixture of qualitative and quantitative measures, including tenure in the industry, focus on retirement plan business as a percentage of practice revenue, willingness to serve in a fiduciary role, and responses to in-depth essay questions.
Understanding 403(b) Plans
403(b) plans are tax-advantaged retirement savings plans designed primarily for employees of public schools, non-profit organizations, and certain ministries. Similar to 401(k) plans, they offer employees the ability to contribute pre-tax earnings toward their retirement while often benefiting from employer contributions. However, 403(b) plans come with unique regulatory and administrative complexities, making expert guidance crucial for plan sponsors and participants alike.
What Sets Our Approach Apart
"Our firm stands out in the marketplace by acting as an extension of our clients' HR teams, offering hands-on, personalized retirement plan consulting," explains Senior Retirement Plan Advisor Phil Sherman in his interview with PLANADVISER. "As a small, independent RIA, every advisor is actively involved in both sales and service, ensuring that the team you meet in your first meeting is the same team you will work with throughout your relationship with us. We take pride in providing direct access to our experts, not pushing clients to a 1-800 call center or external departments."
This hands-on approach allows us to build long-term relationships with plan sponsors and committees while fully understanding their goals and needs. We work closely with HR teams to ensure retirement plans are not just a checkbox item but a meaningful benefit that employees engage with. Our expertise in compliance, plan design, and employee education helps organizations maximize the impact of their retirement offerings.
Addressing Industry Challenges
The retirement plan industry faces significant challenges, including increasing regulatory complexity, technological advancements, and employee engagement. While record-keepers and tech solutions help streamline plan management, they often fall short in engaging participants. "Many of the auto-features—while great for driving numbers—make it easier for employees to be less hands-on with their retirement accounts," Phil notes. "Technology alone can't drive the behavior change needed for employees to fully utilize their retirement benefits. In non-profit organizations, where resources are often limited, we recognize the critical role that financial wellness plays. Many employees in this sector are passionate about their work but may struggle with financial security."
Our role at Deschutes as the advisor is to bridge this gap by offering personalized, hands-on support that technology alone cannot provide. We work closely with plan sponsors to improve employee engagement through tailored education and communication efforts—ensuring not only that employees are informed but also that plan sponsors receive the guidance they need to navigate complex regulations.
The Importance of 403(b) Plan Expertise
403(b) plan sponsors face unique challenges, especially with recent regulatory changes like those introduced by the SECURE Act. Phil Sherman explains, "Today, 403(b) plan sponsor clients face the complexities introduced by the SECURE Act, particularly the long-term part-time employee rules. While many advisers simply follow the prescribed guidelines, I recognize the operational challenges these regulations create, especially for organizations with inconsistent historical employee tracking or high turnover."
Understanding the specific operational challenges and culture of each organization allows us to recommend simpler, cost-effective alternatives that minimize administrative burden. This expertise, combined with our dedication to serving non-profit organizations, ensures that our 403(b) clients receive the support they need to provide meaningful retirement benefits to their employees.
A Passion for Helping 403(b) Plan Sponsors Succeed
Phil Sherman’s journey into the 403(b) space began through introductions from clients who serve on non-profit boards. This experience provided insight into the distinct financial pressures and challenges faced by non-profit organizations. He notes, “Many non-profits struggle with limited resources, high turnover, and the retirement plan generally has suffered as an afterthought due to these challenges. To effectively serve this market, I focused on building strong, personal relationships with plan sponsors.”
Looking Ahead
We are incredibly proud of Phil and his commitment to providing top-tier service and expertise in the 403(b) space. This nomination reaffirms Deschutes Investment Consulting and Phil Sherman’s mission to help organizations design and manage retirement plans that truly benefit both plan sponsors and participants.
Stay tuned for more updates as we celebrate this exciting achievement!
More information can be found at: https://www.planadviser.com/awards/2025-retirement-plan-adviser-year/.